secwatch.observer — SEC 8-K summary
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Issuer:     Koil Energy Solutions, Inc. (KLNG)
CIK:        0001110607
Form:       8-K
Filed at:   2021-11-12T23:59:59+00:00
Accession:  0001683168-21-005457
Event type: earnings
Sentiment:  neutral
Materiality: 0.50
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Deep Down reports Q3 2021 net profit of $0.3M driven by PPP loan forgiveness
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- Revenue $3.6M (+13% YoY); gross profit margin fell to 24% from 37% due to higher labor and pricing pressure.
- Net income $0.3M ($0.03 diluted EPS) vs loss of $0.3M in Q3 2020; included $0.9M PPP loan forgiveness.
- Modified EBITDA negative $0.4M compared to positive $0.03M a year earlier, reflecting lower gross margins.
- Cash $3.7M, working capital $5.8M, shareholders' equity $9.1M ($0.74 per share).
- CEO notes increased bidding activity but pricing pressures; COVID uncertainty remains.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1110607/000168316821005457/0001683168-21-005457-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1110607/000168316821005457/deepdown_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-21-005457

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer